Notes Payable, Long-Term Debt and Lines of Credit

12 Months Ended

Nov. 29, 2014

Notes Payable Long Term Debt And Lines Of Credit [Abstract]

Notes Payable, Long-Term Debt and Lines of Credit Disclosure

Note 7: Notes Payable, Long-Term Debt and Lines of Credit

Notes Payable: Notes payable were $27,149 at November 29, 2014. This amount represents various other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings were 11.3 percent, 8.9 percent and 11.3 percent in 2014, 2013 and 2012, respectively. Fair values of these short-term obligations approximate their carrying values due to their short maturity. There were no funds drawn from the short-term committed lines at November 29, 2014.

Long-Term Debt
	Weighted-Average
	Interest Rate at	Fiscal Year
Long-Term Debt	November 29, 2014	Maturity Date		2014		2013
Revolving credit line	1.24%	2019	$	143,000	$	-
Term Loan	-	2017		-		66,250
Senior Notes, Series A¹	1.91%	2017		17,805		18,215
Senior Notes, Series B²	1.79%	2017		34,738		35,551
Senior Notes, Series C³	3.11%	2020		37,192		37,299
Senior Notes, Series D⁴	5.61%	2020		65,000		65,000
Senior Notes, Series E⁵	4.12%	2022		250,000		250,000
Total debt			$	547,735	$	472,315

On December 16, 2009, we entered into a note purchase agreement under which we agreed to issue $150,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $150,000 was split into four non-amortizing tranches, Series A-D. On March 5, 2012, we entered into a note purchase agreement under which we agreed to issue $250,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $250,000 is a non-amortizing tranche, Series E. Additional details are provided below:

¹ Senior Notes, Series A, due December 16, 2016, $17,000 5.13 percent fixed, swapped to a variable rate of 6- month LIBOR (in arrears) plus 1.59 percent

² Senior Notes, Series B, due February 24, 2017, $33,000 5.13 percent fixed, swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.47 percent

³ Senior Notes, Series C, due December 16, 2019, $35,000 5.61 percent fixed, $25,000 swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.78 percent

⁴ Senior Notes, Series D, due February 24, 2020, $65,000 5.61 percent fixed

⁵ Senior Notes, Series E, due March 5, 2022, $250,000 4.12 percent fixed

On October 31, 2014, we entered into a credit agreement with a consortium of financial institutions under which we established a $300,000 multi-currency revolving credit facility and a $300,000 term loan that we can use to repay existing indebtedness, finance working capital needs, finance acquisitions, and for general corporate purposes. The term loan is committed financing that can be drawn at any time up to 270 days after October 31, 2014. At November 29, 2014, there was no balance drawn on the term loan. Interest on the revolving credit facility is payable at the LIBOR plus 1.075 percent. A facility fee of 0.175 percent is payable quarterly. The interest rate on the term loan is payable at the LIBOR rate plus 1.25 percent. The interest rates and the facility fee are based on a rating grid. The credit agreement replaced the previous revolving credit facilities entered into on March 5, 2012. The October 31, 2014 credit agreement expires on October 31, 2019.

On October 31, 2014 we amended various provisions of the Note Purchase Agreements Series A through E, including the covenant definition of Consolidated EBITDA. As part of these amendments, the interest rate on the debt may increase based on changes to the rating of our senior, unsecured long-term debt.

Long-term debt had an estimated fair value of $606,194 and $515,287 as of November 29, 2014 and November 30, 2013, respectively. The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.

Lines of Credit

As of November 29, 2014, lines of credit were as follows:

Term		Committed			Drawn			Unused
Long-term lines of credit		$	300,000		$	(143,000)		$	157,000

A revolving credit agreement with a consortium of financial institutions accounted for the entire committed lines of credit. The credit agreement creates an unsecured multi-currency revolving credit facility that can be drawn upon for general corporate purposes up to a maximum of $300,000. The credit agreement expires on October 31, 2019.

The most restrictive debt covenants place limitations on secured and unsecured borrowings, operating leases, and contain minimum interest coverage and maximum debt to trailing twelve months EBITDA requirements. In addition, we cannot be a member of any "consolidated group" for income tax purposes other than with our subsidiaries. At November 29, 2014 all financial covenants were met.

Maturities of long-term debt for the next five fiscal years follow:

Fiscal Year		2015		2016		2017		2018		2019		Thereafter
Long-term debt obligations		$	-	$	-	$	52,543	$	-	$	143,000	$	352,192

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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